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Foundry’s Investment Advisory Group represented a property owner selling their industrial site located in Tennessee's wealthiest county.
Spring Hill, TN
Foundry’s Investment Advisory Group represented a private capital property owner looking to sell their 19.5 AC industrial site located in Spring Hill, TN an excellent last-mile location to the wealthiest county in Tennessee – Williamson County.
Owner was previously marketing the property for sale themselves for $225K/AC and had not received any offers or interest before Foundry took on the assignment.
As Foundry IAG’s team was bringing the property to market, they worked with a civil engineer on a survey and conceptual layout for the property and learned that there was a potential karst (sinkhole) issue in the middle of the site.
Since Foundry was able to identify the potential karst so early in the process, the civil engineer was able to work through the conceptual site plan to maximize the layout and avoid any potential issues or re-trading down the road.
Foundry executed a seamless launch to market, exposing the property broadly to a database of qualified local and national developers, and had a call for offers date within 2 weeks of the initial announcement.
Foundry created a competitive bidding environment with eleven offers, eight of which were over the owner’s previous pricing expectations.
Foundry hosted a second round of offers to further narrow the pool. The top four offers were invited to participate in buyer interviews with the seller to help qualify each investor’s interest and ability to close.
The seller was able to select the buyer who was able to offer the most competitive purchase price, which was over $3,000,000 more than the seller’s previous asking price.